President Bola Tinubu has set the Minimum Wage at N70,000.
The figure was arrived at after a meeting with the organised labour led by Joe Ajaero, President of the Nigeria Labour Congress NLC and Festus Osifo, President of the Trade Union Congress TUC
Mohammed Idris, Information and National Orientation Minister announced the figure while briefing State House Journalists at the Presidential Villa, Abuja.
The announcement brings to a close, about six months of intensive consultations and negotiations that followed the January 30th inauguration of the 37 man Tripartite Committee on the national minimum wage.
The deliberations of the committee ended in deadlock on the 7th of June, 2024, with government team recommending N62,000 and Labour making a recommendation of N250,000.
Following the disagreements, both sides insisted on sending separate reports to the President for his consideration.
President Tinubu since then embarked on “ wide consultations” with relevant stakeholders including the Governors before finally engaging with the organised labour.
The President also directed that the minimum wage will be reviewed every three years.
Join BusinessDay whatsapp Channel, to stay up to date
Open In Whatsapp
